ex10-01.htm


    Property
Interest Purchase Option

    Between

    Black
Hawk Exploration

    And

    HuntMountain
Resources

    Covering

    Dun
Glen Project

    


    [All dollars herein in United States
currency]

    


    
      	
               
      

            	
              1.

            	
              Black
      Hawk Exploration (hereinafter referred to as "BHE") and HuntMountain
      Resources (hereinafter referred to as “HNTM”) are together referred to as
      the “Parties” in this document.

            


    

     

    
      	
               
      

            	
              2.

            	
              The
      purpose of this document is to create a binding agreement between the
      Parties that provides for the purchase of HNTM’s interest in the Dun Glen
      properties in Pershing County in the state of Nevada (Location Map
      attached as Exhibit A).

            


    

     

    
      	
               
      

            	
              3.

            	
              The
      Property consists of 73 unpatented mining claims,  along with
      any additional claims staked within a 1 mile radius from these claims by
      HNTM and/or BHE or their agents, together with all rights that are
      associated with those mining claims,.  All of the existing known
      claims are identified in Exhibit B hereto (hereinafter referred to as the
      “Property”).

            


    

     

    
      	
               
      

            	
              4.

            	
              By
      making the payments and work commitments noted below, BHE will exercise
      its exclusive option to acquire a 75% interest in the Property (the
      “Option”), subject to conditions of HNTM’s underlying lease to purchase
      option agreement with claim owners (agreement(s) attached as Exhibit
      C)

            


    

     

    
      	
               
      

            	
              5.

            	
              The
      Property will be maintained in good standing at the expense of BHE,
      including the timely filing or payment of all claims maintenance fees or
      taxes and all underlying lease payments as prescribed in Exhibit
      C.

            


    

     

    
      	
               
      

            	
              6.

            	
              BHE
      will pay a lease payment of $50,000 to HNTM upon signing this
      agreement.

            


    

     

    
      	
               
      

            	
              7.

            	
              On
      or before the one-year anniversary of the signing of this agreement, BHE
      will pay an additional lease payment of $25,000 to
  HNTM.

            


    

     

    
      	
               
      

            	
              8.

            	
              On
      or before the two-year anniversary of the signing of the agreement, BHE
      will pay a final lease payment of $25,000 to
  HNTM.

            


    

     

    
      	
               
      

            	
              9.

            	
              BHE
      will issue 250,000 restricted common shares to HNTM upon the signing of
      this agreement

            


    

     

    
      	
            	
              10.

            	
              BHE
      will issue an additional 100,000 restricted common shares to HNTM on or
      before the one year anniversary of signing this
  agreement

            


    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              11.

            	
              BHE
      agrees to expend $700,000 as a work commitment on the Property over a four
      year period from the date of signing this
  agreement

            


    

     

    
      	
            	
              12.

            	
              Upon
      completion of the terms outlined herewith in this agreement, BHE will earn
      a 75% interest from HNTM on the
Property.

            


    

     

    
      	
            	
              13.

            	
              At
      anytime during the term period of this agreement should BHE or agents of
      BHE process and/or remove material from tailings, dumps or stock piles
      located on the Property, any net revenues recovered from this material
      will be divided between BHE and HNTM at ratio of 75% for BHE and 25% for
      HNMT.

            


    

     

     

    
      	
            	
              14.

            	
              After
      signing this agreement, and during the term of this option, HNMT will not
      initiate discussions with, respond to inquiries, negotiate with, provide
      any information to or enter into any oral or written agreement,
      understanding or transaction with any other person or entity regarding the
      sale, assignment, or other disposition of any economic interest or other
      investment or participation in the Property or any part thereof without
      the expressed written consent of
BHE.

            


    

     

     

    
      	
            	
              15.

            	
              HNTM
      guarantees the Property is 100% controlled as prescribed in Exhibit C by
      HNTM and is free and clear of all liens and
  encumbrances.

            


    

     

    
      	
            	
              16.

            	
              This
      is an option only agreement and with a 90 day advance written notice from
      BHE to HNTM, BHE can elect not to proceed with the acquisition of any, or
      any further, interest in the Property without further obligation to
      HNTM.

            


    

     

    


     

    Agreed to
and dated as of December 10, 2009.

    


    


    


    HuntMountain
Resources Ltd.

    


    


    


    By   
/s/ Tim
Hunt                                           


    Tim Hunt, President

    


    


    


    


    Black
Hawk Exploration

    


    


    


    By  
/s/ Kevin
Murphy                                      

    Kevin Murphy, CEO